I’m always thrilled to meet or learn of YoungMoneyFinance readers that are making wise financial decisions in their lives. One specific example today comes from my friend Michael Bare. Michael is currently following his dreams to play music and is working with a band, trying to make it big. What struck me about Michael was how seemingly responsible he was chasing his dreams. He isn’t going into tons of debt and still sticks to a budget, despite full time chasing his dreams. I feel like I’ve seen the opposite plenty of times, people ‘chasing their dreams’ and essentially getting in way over their heads. Their dream consumes their lives and their finances. They seem to get into all sorts of debt, unfortunately a lot of the time via credit cards. Sometime later they admit failure but often it’s too late!

Society tells us that we can achieve anything we put our minds to and as true as this may be, it doesn’t mean we have to jump in headfirst and find ourselves sinking. There are definitely better, smarter ways to follow our dreams, whether it’s playing professional sports, starting a business, or like Michael, starting a band. I had the privilege to chat with Michael recently to talk to him about what it’s like to pursue his dreams…responsibly! The following is the summary of our conversation:

The beginnings

Music has always been a part of Michael’s life and he has known that starting a band was something he’d love to do. He didn’t just jump right into trying to start a band though, he actually taught for a year after graduating from college, and was able to save up a nice chunk of cash in a savings account. He continued to play with a local band on the weekends, and was able to improve his musical skills. Starting a band isn’t an easy task and Michael was able to use this first year to save money (which is helpful when starting a band) and also gained experience in both playing music and being in a band. After the first year, Michael had saved up enough money to the point where he could quit teaching and start taking the steps to get more into the musical industry. He took an internship (unpaid) in Nashville and started making connections. After a year of interning, Michael was on his own and continued playing music wherever and whenever he could. It was during this time he and his friend Cory decided the time was right to start their band, The New Schematics.

The big picture

Michael relayed to me that it often takes 5 years for a new band to really get established and find success. These 5 years aren’t easy and will require a decent amount of time and a decent amount of money. Although they’re able to make money off of selling merchandise (CD’s, tote bags, t-shirts, stickers, posters, etc) and playing shows, it’s certainly not a profitable endeavor for the first couple of years. With this in mind, Michael knows what’s in front of him. He knows that he has bills to pay and that he has to eat. He’s got an emergency fund as a cushion but always finds a way to make his ends meets. He knows about how much he needs to survive and uses side hustles to supplement his income. He controls his expenses and lives on a budget. Michael also was willing to make sacrifices to set him up for success. He moved to Nashville, which is the city to go to for music. Consider making a move to a location that’ll better set you up for success (NYC for fashion or LA for movies). Keep the big picture in mind and do all you can to set yourself up to achieve your dream.

The side hustle(s)

Although he’ll make some money from his band (I mentioned The New Schematics, right?), he often needs to supplement this income with some side hustles. Michael knows both how much he needs to earn each month and knows his band’s schedule (shows, practice, recordings). Instead of lying around on the couch, Michael uses time management skills and a little entrepreneurism and makes some cash. He’s driven for Uber/Lyft on his time off and has been able to earn some good money on his own time. He’s also always listening and communicating with other bands and will jump in to fill a backup role to earn $150-$200/show. Sometimes this involves going on the road with another band, so it’s paramount Michael knows his schedule and is a good manager of his time! Finally, Michael is always keeping his ears open for the random gig here or there. He once drove a businessman from Nashville to Greenville SC for a business meeting, and his chauffeuring let the guy keep working throughout the day. Another time he side-hustled helping an event coordinator and worked to corral late night attendees around the town! Michael sets his side hustles up in such a way that he’s able to focus on his first priority; the band but also allows him to meet his monthly income needs!

The plan

Important to any endeavor is the plan. Without a plan to know where you’re going, you certainly won’t ever get there! Michael has a pretty good plan laid out. He knows that likely 5 years are ahead of him and he knows that he’ll have to have some solid side hustles in place to get there. He and his band mate frequently come together to lay out their plans for the coming months/year. They set goals for themselves and come up with specific action plans. They want to be a successful band and set out achievable smaller goals to help them succeed at the big goal!

Many thanks for Michael for taking the time to speak with me. It was really inspirational and motivating finding someone who was following their dreams…responsibly! Finally, do yourself a favor and check out Michael’s band, you’ll be glad you did!